Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Bank of China Surrenders Records in Gucci Case After Fines

Bank of China Ltd. turned over records in a case brought by Gucci America Inc. after a US judge fined it $50,000 a day for not complying with subpoenas seeking information about Chinese makers of counterfeit luxury goods.
By
  • Bloomberg

NEW YORK, United States — Bank of China Ltd. turned over records in a case brought by Gucci America Inc. after a U.S. judge fined it $50,000 a day for not complying with subpoenas seeking information about Chinese makers of counterfeit luxury goods.

U.S. District Judge Richard Sullivan in New York found the Beijing-based bank in contempt in November for disobeying orders to turn over account information Gucci wanted to help it trace and recover money from the sale of counterfeits. Bank of China claimed Sullivan lacked the authority to order it to produce evidence and said doing so would force it to violate China’s banking laws.

Sullivan’s order cited the bank’s “refusal to comply with U.S. law, while it continues to receive the benefits attendant to its banking activity in the United States.” He said the bank was “flouting” his orders.

"By making today’s document production, BOC has complied with the court’s orders and believes it has purged its contempt," David Esseks, a lawyer for the bank, said in a letter to Sullivan on Wednesday. Esseks said Bank of China believes the document production means it is no longer liable for the daily sanction.

ADVERTISEMENT

Bank of China, which is controlled by the Chinese government, is one of the biggest banks in the world, with global assets of about $2.5 trillion, $65 billion of which are held by five branches in the U.S.

Brett Philbin, the bank’s spokesman at public relations firm Edelman, didn’t immediately respond to a request for comment on Wednesday’s letter. Floriane Geroudet, a spokeswoman for Gucci’s Paris-based parent, Kering SA, didn’t immediately return an e-mail after business hours there.

The case is Gucci America Inc. v. Weixing Li, 10-cv-04974, U.S. District Court, Southern District of New York (Manhattan).

By Bob Van Voris, Jesse Hamilton; editors: David Glovin, Peter Jeffrey.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Luxury
How rapid change is reshaping the tradition-soaked luxury sector in Europe and beyond.

Ralph Lauren Takes a Victory Lap

A runway show at corporate headquarters underscored how the brand’s nearly decade-long quest to elevate its image — and prices — is finally paying off.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The Business of Beauty Global Awards - Deadline 30 April 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The Business of Beauty Global Awards - Deadline 30 April 2024